Elice Inc.

AI Infrastructure · Data Centers · Korea IPO

IPO

Elice debuts on Kosdaq, raising $151M in Korea's biggest 2026 IPO

The listing lands weeks after Nvidia-backed rival Firmus pulled its own offering, making Elice a live test of investor appetite for AI data centers.

• Elice Inc. began trading on South Korea's Kosdaq on October 20, 2026, after pricing its IPO at 90,500 won per share, the top of its range, raising 201 billion won (about $151 million) in the exchange's largest listing of the year.
• Founded in 2015 by three KAIST PhD students as the AI education platform 'Elice LXP,' the company later pivoted into GPU cloud and AI data-center infrastructure.
• Elice designs and builds modular AI data centers, branded 'Elice AI PMDC,' featuring high-density power systems and liquid cooling tailored to high-performance AI chip clusters.
• First-half 2026 revenue jumped to 34.4 billion won, roughly 200% higher than a year earlier, as the company swung to a 10.3 billion won operating profit and EBITDA grew more than 11-fold to 23.2 billion won.
• Retail investors oversubscribed the offering more than 400 times, depositing over 10 trillion won in subscription funds to chase shares.
• The debut follows Nvidia-backed data-center operator Firmus Grid's cancellation of its own IPO weeks earlier, while CoreWeave's stock has halved since May and Nscale's targeted IPO valuation has drawn investor skepticism.
• Elice plans to funnel IPO proceeds into building additional AI data centers in the Seoul metro area and the Honam region to expand its AI cloud capacity.
• Elice's top-of-range pricing and overwhelming retail demand give the AI infrastructure sector an early, encouraging signal after a string of valuation stumbles among data-center peers.